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$150,000 delinquent cc debt-HELP

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gregfelton

Junior Member
What is the name of your state?CALIFORNIA
have 150k delinquent cc debt. Delinquent since 3/02. no contact,communication,pymnt from me since 3/02. all accounts show charge-off status on credit report. not one creditor has obtained judgement yet. All accounts were obtained/opened when i was a Nevada resident, now live in California. most creditors have sold off the paper. don't even get calls anymore and minimal collection letter thru mail now.
What action if any should I take at this point, considering the probable change in BK laws??? Largest single account is $45k.
Greg
 
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bigun

Senior Member
$150K, I don't think you can risk it {the probable bk law change}.
Most bk lawyers give free initial consultations. Talk with 1 or 2 and get your options explained.
 
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jetskiscott2

Member
gregfelton said:
What is the name of your state?CALIFORNIA
have 150k delinquent cc debt. Delinquent since 3/02. no contact,communication,pymnt from me since 3/02. all accounts show charge-off status on credit report. not one creditor has obtained judgement yet. All accounts were obtained/opened when i was a Nevada resident, now live in California. most creditors have sold off the paper. don't even get calls anymore and minimal collection letter thru mail now.
What action if any should I take at this point, considering the probable change in BK laws??? Largest single account is $45k.
Greg
Click to expand...

I'm not sure what the statue of limitations are for filing a suit, but I wouldn't sit and wait for that to happen. I would file BK before the laws change. That 150k is a huge debt. I would assume a creditor would eventually come after you to collect. File BK. This board is a great resource. You can also direct your questions to http://www.mcfarlinlaw.com/phpbb2/phpBB2/index.php He's an attorney based in California and his message board is active as well.
 
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H

HomeGuru

Senior Member
gregfelton said:
What is the name of your state?CALIFORNIA
have 150k delinquent cc debt. Delinquent since 3/02. no contact,communication,pymnt from me since 3/02. all accounts show charge-off status on credit report. not one creditor has obtained judgement yet. All accounts were obtained/opened when i was a Nevada resident, now live in California. most creditors have sold off the paper. don't even get calls anymore and minimal collection letter thru mail now.
What action if any should I take at this point, considering the probable change in BK laws??? Largest single account is $45k.
Greg
Click to expand...
**A: are you looking at filing a 7 or 13?
 
E

Ezlpo

Junior Member
I would just like to say that I am impressed with the amount of CC debt you have. Not impressed so much in a good way, but it is something I will tell friends.

Good luck.
 
L

lizee

Junior Member
find out your SOL

I'm in the same shoes as you but my debts are older. I researched on this site as well as others and I was informed for my state the SOL which is Statue of Limitations has expired. Find out for your state what the SOL is. If it has expired they can't bug you. The most helpful webpage I've found is www.fair-debt-collection.com they have been wonderful answering my questions. It might take a week or so to get a reply but the wait was worth it. I now know where I stand. Hopefully this will help. Good luck. :)
 
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Ladynred

Senior Member
Find out for your state what the SOL is. If it has expired they can't bug you.
Click to expand...
Unfortunately, that's NOT true. Collectors can keep TRYING to collect until hell freezes over, but once the SOL expires, they lose the enforcement of the courts to make you pay. So thinking you're going to be able to stop collectors from harrassing you because the SOL is up isn't going to work. You can C&D each one, but another one will pop up later. Unless you're in WI or CA where it IS illegal to sue or attempt to collect on a time-barred debt, you can still be harrassed.
 
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